Foschini drops KPMG

Cape Town -The Foschini Group [JSE:TFG] is the latest South African company to cut its ties with embattled auditors KPMG. 

In a statement on Monday, the clothing retail company said that Deloitte & Touche has been appointed as the company’s external auditor, replacing KPMG. 

“The change in audit firm, which is effective immediately, was initiated by the company following the concerns recently raised regarding KPMG,” it stated in a short note to its shareholders. 

Pressure

Munich Re of Africa, Sasfin, Sygnia Asset Management and Hulisani are among other companies that have already stopped using the accountancy firm.

Consumer goods distributor AVI has said it would stop using KPMG as an external auditor after the accounting firm admitted to falling short of its own standards. 

Telkom SA, meanwhile, has said it won’t award any new business to KPMG pending the outcome of an investigation into the firm by the Independent Regulatory Board for Auditors. 


SUBSCRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox.

Read Fin24's top stories trending on Twitter:

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
ZAR/USD
15.37
(-0.09)
ZAR/GBP
20.50
(-0.03)
ZAR/EUR
18.21
(-0.02)
ZAR/AUD
11.26
(-0.37)
ZAR/JPY
0.15
(-0.01)
Gold
1830.14
(-0.32)
Silver
23.47
(-0.17)
Platinum
934.00
(+0.81)
Brent Crude
45.51
(+2.15)
Palladium
2329.00
(+0.01)
All Share
57611.56
(+0.81)
Top 40
52832.57
(+0.67)
Financial 15
11616.08
(+2.45)
Industrial 25
79978.02
(+0.08)
Resource 10
52321.13
(+1.06)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, and I've gotten it.
21% - 311 votes
No, I did not.
51% - 739 votes
My landlord refused
27% - 397 votes
Vote